Factors to consider before implementing AI in your banking business

Posted by Lee McFarland on Aug 8, 2019 1:25:22 PM

You have probably heard of or encountered artificial intelligence (or AI) technology in large financial institutions. Recent technological advancements have increasingly made AI a powerful and essential tool in the sector. In fact, the prospects of AI-based systems in the banking sector have never been greater. However, not every bank understands the key considerations that should be made before implementing such systems. Remarkable precision at the planning stage is needed before implementing changes to avoid possible losses and inefficiency. Even as you dial up your initiatives to implement cutting-edge AI technologies in your bank, it is important to make the following considerations:

Privacy and security of data

The privacy of consumer data while ensuring high security is crucial for any banking institution. Other laws that impose certain compliance requirements further regulate the sector, so extra care is needed even as AI is incorporated in operations. Therefore, it is important to implement strong privacy policies to ensure that customer data is protected. 

Organisation of data

Accessing large volumes of data in the banking sector is not a daunting task. However, it may prove challenging to implement AI systems in your business while still preserving standards and regulatory limitations applied to the safety and protection of clients’ data. With the possibility of having fragmented and incompatible systems, you should first focus your efforts on organising the available data.

Digital solutions support

Implementing AI and its associated algorithms is a complex process that requires the support and expertise of a proven digital solutions company. Substantive support and knowledge from specialists are necessary from the initial stages involving the collection of information. It helps in the early detection of potential risks and hazards before the actual implementation.

Rebuilding, reskilling and restructuring

AI-based technologies do not work exclusively but rather with human employees who need to be reskilled for effective collaboration. Before implementing AI, ensure you offer training to your employees on how they will use the technology. They should also be on board and understand the desired outcomes of the systems. Your employees may still need important basic skills even in cases where third-party vendors offer AI services rather than internal implementation.

With good preparation and relevant expertise in AI, your bank can achieve the benefits of innovative technology. The process of implementation does not need to be difficult. Do you want to know how we may assist in implementing AI in your bank? Contact Aqovia today.

Topics: Artificial Intelligence, AI, Technology, Digitalisation, Digital Trends